Multifamily

Castle Lanterra Properties Buys New Jersey Apartment Property for $147.5M

by Jaime Lackey October 27, 2015

BAYONNE, N.J. — Castle Lanterra Properties (CLP) has purchased Alexan CityView, a 544-unit apartment community situated on 7.4 acres along the waterfront in Bayonne for $147.5 million from a joint venture between an investment fund and a large property manager. Jones Lang LaSalle arranged the transaction. The new owner will rename the property Harbor Pointe and plans property upgrades, including updates to the clubhouse and an expansion of the gym. The LEED Silver-certified property, which was built in 2010, features a 9,000-square-foot clubhouse, fitness studio, indoor basketball half-court, children’s playroom, a resort-style saltwater pool, and a seven-story parking garage. It was at 91 percent occupancy at the time of sale.

October 27, 2015

Multifamily Student Housing Texas

Berkadia Negotiates Sale of Student Housing Property in Austin

by Haisten Willis October 26, 2015

AUSTIN, TEXAS — Berkadia has negotiated the sale of Lonestar Lofts, a student housing property located at 2408 Leon St. in Austin. Forrest Bass of Berkadia’s Austin office completed the sale on Sept. 28. The buyer was a private investor from New York, and the seller was a local, private investor partnership. Lonestar Lofts was built in 1971 and offers studio, one-, two-, three- and four-bedroom floor plans. Unit amenities include stained concrete floors, black appliances, washers and dryers and a loft-style layout. Community amenities include a swimming pool with a pergola lounge area, barbeque grill and parking garage. The 50-unit student housing property is 100 percent occupied. Lonestar Lofts is located in the west campus submarket, one mile from the University of Texas and two miles from downtown Austin.sa

October 26, 2015

Multifamily Texas

ARA Newmark Arranges Sale of 702-Unit Portfolio in Plano

by Haisten Willis October 26, 2015

PLANO, TEXAS — ARA Newmark has arranged the sale of two Class A apartment communities in Plano: Avalon at Chase Oaks, a 326-unit property, and Thornbury at Chase Oaks, a 376-unit property. ARA Newmark’s Brian O’Boyle, Sr., Brian Murphy, Brian O’Boyle, Jr. and Richard Furr led the marketing efforts for the two multifamily communities on behalf of Berkshire Group, a real estate investment management company headquartered in Boston. Frisco, Texas-based CAF Capital, a private equity real estate firm specializing in the acquisition, redevelopment, repositioning and subsequent sale of institutional quality multifamily real estate, acquired the communities for an undisclosed price. The properties were 96 percent occupied at the time of sale. Constructed in 1992 and 1996, respectively, Avalon at Chase Oaks and Thornbury at Chase Oaks back up to The Courses at Watters Creek golf course and are within a mile of each other. Plano is home to corporate and regional headquarters for JC Penney, Cinemark Holdings, Rent-A-Center, Dr. Pepper Snapple Group, Frito-Lay, Intel Security and Alliance Data Systems.

October 26, 2015

Multifamily New York Northeast

Madison Equities and Pizzarotti Group Acquire 45 Broad Street for $86M

by Jaime Lackey October 26, 2015

NEW YORK CITY — Madison Equities and Italian multi-national construction services company Impresa Pizzarotti & C. Spa have acquired 45 Broad Street from 45 Broad Street L/CAL LLC for $86 million. The property is located in the heart of Manhattan’s Financial District near the New York Stock Exchange and World Trade Center and offers approximately 290,000 square feet of floor area ratio (FAR) for development. Madison Equities and Pizzarotti plan a condominium tower constructed atop an amenity-filled podium. The developers will deliver condominium units for occupancy in 2019. 45 Broad Street will be designed by noted architect Cetra Ruddy, whose recent projects include One Madison Avenue, Walker Tower and the Orion.

October 26, 2015

Massachusetts Mixed-Use Multifamily Northeast Retail

WS Development Acquires 12.5 Acres in Boston’s Seaport District

by Jaime Lackey October 26, 2015

BOSTON — WS Development has acquired a 12.5-acre parcel that spans 10 city blocks and is slated to include 2.8 million square feet of residences, offices, hotels, retail, parks, and community space in Boston. Morgan Stanley and Boston Global Investors (BGI) — long-time development partners of WS Development — sold the parcel for $359 million. The land is located along Seaport Boulevard, Congress Street, and Summer Street. WS Development owns 500,000 square feet of retail on seven adjacent blocks. WS will work with the City of Boston and BGI, which will continue to provide urban planning services, to develop the space.

October 26, 2015

Georgia Multifamily Seniors Housing Southeast

Griffin, Canyon Break Ground on New Seniors Housing Community in Metro Atlanta

by Haisten Willis October 26, 2015

ROSWELL, GA. — California-based developer Griffin Real Estate Management and investment firm Canyon Partners Real Estate, in partnership with operator Thrive Senior Living, have started construction of The Georgian Lakeside Assisted Living and Memory Care, a 95-unit community in the Atlanta suburb of Roswell. Thrive will operate the community — which comprises 70 assisted living units and 25 memory care units — when complete.

October 26, 2015

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Metro Orlando for $33.5M

by Haisten Willis October 26, 2015

SANFORD, FLA. — Bell Partners Inc. has purchased the newly built Integra Village, a 209-unit apartment community located at 101 Integra Village Trail in Sanford, a suburb of Orlando. Bell Partners purchased the property for $33.5 million on behalf of Bell Fund V. Developed by The Integra Land Co. in 2015, the property’s interiors feature kitchen islands, granite countertops, stainless steel appliances, new cabinetry, hard-surface flooring tile baths and screened-in porches. Community amenities include a salt water pool with an outdoor grilling area, fitness center and a clubhouse with a billiards room. Bell Partners will manage the property and will rename it Bell Lake Forest. The purchase of Bell Lake Forest was the sixth multifamily acquisition for Bell in 2015. With this transaction, Bell has completed more than $980 million in total transactions this year.

October 26, 2015

District of Columbia Hospitality Mixed-Use Multifamily Southeast

Lima Hotels to Develop Mixed-Use Project in Downtown D.C.

by Haisten Willis October 26, 2015

WASHINGTON, D.C. — Lima Hotels, a new company established by developer Habte Sequar, plans to develop a 14-story hotel and apartment building in downtown Washington, D.C. The high-rise property will be located at 317 K St. N.W. at the corner of 4th and K streets in the Mount Vernon Triangle neighborhood in Washington’s East End district. A small commercial building and auto body shop on the site will be demolished. The project will feature 200 hotel rooms on the first 11 floors and 30 apartment units on floors 12 through 14. Lima Hotels has selected PGN Architects and Gordon & Greenberg to co-design the project.

October 26, 2015

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $24M Construction Loan for Assisted Living Community in Westmont, Illinois

by Christina Cannon October 26, 2015

WESTMONT, ILL. — CBRE’s debt and structured finance team has secured $24 million in construction financing for Pathway Senior Living and Virtus Real Estate Capital. The joint venture partnership will use the financing to construct Aspired Living of Westmont, a Class A assisted living and memory care facility in Westmont, a western Chicago suburb. The property will consist of 75 assisted living units and 34 memory care units. The 123,000-square-foot, three-story building will be situated on 3.5 acres. The loan was originated at 70 percent loan-to-cost and includes a four-year floating rate and 36 months of interest-only payments. Aron Will of CBRE arranged the financing provided by a regional bank. Chicago-based Pathway Senior Living is a privately held company. Austin, Texas-based Virtus Real Estate Capital is a real estate private equity sponsor.

October 26, 2015

Illinois Midwest Multifamily

Vail Davis Building in Chicago Undergoes $1.4M Renovation

by Christina Cannon October 26, 2015

ARLINGTON HEIGHTS, ILL. — The historic Vail Davis Building, located at 15 N. Vail Ave. in Arlington Heights, a northwest Chicago suburb, has undergone a complete makeover to create 16 luxury residences for upscale renters. CF Real Estate and 33, a real estate firm, acquired the historic mixed-use building in June 2014 for $2.5 million in an off-market transaction. Renovations at the Vail Davis Building included a total rehabbing of all rental units, new HVAC systems, electrical systems upgrades, new windows and a restored underground sewer system. The $1.4 million project was completed in early November and the 16 units are 100 percent leased. Restaurants La Tasca and Bangkok Café currently lease the ground-level retail space and have continued to operate during the renovations. Completed in 1929, the building originally included 16 apartments on the second and third floors and eight retail establishments on the first floor: Redker Real Estate, a druggist, barber, fish market, tailor, restaurant, Western Union and the Hoggay pool hall. In later years, one of the more well-known tenants in the building was the Hertzog cigar factory, makers of the hand-rolled Gander Cigar. The Vail Davis Building, which features an English-style architecture, includes a distinctive castle …

October 26, 2015

Newer Posts

Older Posts